HG Vora Capital Management, a major shareholder in Penn Entertainment with an 18.5% economic interest, is reportedly engaged in discussions with the casino operator regarding board representation. 

The hedge fund, as per a recent securities filing, aims to secure positions on Penn’s board, although the exact number of seats remains undisclosed. 

The hedge fund, as per a recent securities filing, aims to secure positions on Penn’s board, although the exact number of seats remains undisclosed. 

HG Vora Capital Management, traditionally not an activist investor, perceives Penn’s stock as significantly undervalued and has been engaging in dialogues with management to strategize a turnaround. 

The investment firm criticizes Penn’s historical record in capital allocation, the Wall Street Journal noted, citing unsuccessful ventures in mergers and acquisitions.